June 29 (Bloomberg) — China plans to increase strategic crude oil reserves by 160 percent to 270 million barrels during the next five years, Nikkei English News said, citing an unidentified official from China’s National Energy Administration.
China will spend 30 billion yuan ($4.39 billion) for stockpiling facilities with a capacity to hold 169 million barrels, the report said.
China Petrochemical Corp., China National Petroleum Corp. and other companies will construct and use the storage sites, the Nikkei said.
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Hi Larry. I got your email alert from real wealth report to hedge gold. I’m looking at a 3 year chart of GLD and it looks bullish to me. There is a large inverse head and shoulders pattern that spans from March 17, 2008 to June 1, 2009 and the right shoulder that spans from Feb 16, 2009 to now has formed a cup and handle formation. Stochastically on the short and long terms charts GLD is at or near oversold levels. Since June 1, 2009 it has corrected about 10% in a well defined downtrend channel. I don’t see the massive selloff you are anticipating in the charts. It looks like it could take off from these levels. The price is currently at the juncture of the uptrend line from Jan 15, 2009 to the current downtrend channel. A break below these levels looks like it might go to its 200 day moving average of about 86. I was wondering how you determined there might be a larger sell off.
Larry Edelson Reply:
July 15th, 2009 at 3:22 pm
Yes, long-term is very bullish. Short-term is bearish. I use cycles and other proprietary indicators.